The Library of Virginia Foundation was founded in 1984 to advocate for and provide public and private support of the Library of Virginia and its mission. A significant bequest from Annabelle Cox McAllister provided the funds to establish the Foundation, which is a private 501(c)(3) organization that receives grants, bequests, and donations from individuals, corporations, foundations and other organizations in support of the Library.

The Library of Virginia Foundation is dedicated to promoting cultural and historical literacy throughout the commonwealth. The Foundation reaches out to both adults and children in bringing to life Virginia's culture and history through enjoyable and interactive reading, writing, and arts programs; exhibitions; and publications.